Question
In: Accounting
Journalize the following entries for the seller and the buyer: (a) Seller sold merchandise on account...
Journalize the following entries for the seller and the buyer:
(a) Seller sold merchandise on account to the buyer, $4,750, terms 2/10, net 30, FOB destination on December 21. The cost of the merchandise is $2,850. The seller pays the freight of $75.
(b) Buyer pays within the discount period on December 31.
Solutions
Expert Solution
| Seller | Buyer | ||||||
| Debit | Credit | Debit | Credit | ||||
| (a) | Accounts receivable | $4,750 | - | (a) | Merchandise inventory | $4,750 | - |
| Sales | - | $4,750 | Accounts payable | - | $4,750 | ||
| Freight out | $75 | - | |||||
| Cash | - | $75 | |||||
| Cost of goods sold | $2,850 | - | |||||
| Merchandise Inventory | - | $2,850 |
| Seller | Buyer | ||||||
| Debit | Credit | Debit | Credit | ||||
| (b) | Cash | $4,655 | - | (b) | Accounts payable | $4,750 | - |
| Sales discount ($4,750 X 2%) | $95 | - | Cash | - | $4,655 | ||
| Accounts receivable | - | $4,750 | Merchandise inventory | - | $95 |
ekkarill92 answered 2 years agoRelated Solutions
when the merchandise is sold on credit and the seller notifies the buyer of a price...
when the merchandise is sold on credit and the seller notifies
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Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $11,750 with terms 2/10,...
Sales Transactions
Journalize the following merchandise transactions:
a. Sold merchandise on account, $11,750 with
terms 2/10, n/30. The cost of the merchandise sold was $7,050.
Sale
Accounts Receivable
Sales
Cost
Cost of Merchandise Sold
Merchandise Inventory
the debit/credit for acc receivable and sales is NOT $11750
b. Received payment less the discount.
c. Issued a credit memo for returned
merchandise that was sold for $11,000 terms n/30. The cost of the
merchandise returned was $6,600.
Refund
Inventory
Journalize the following merchandise transactions: A. Sold merchandise on account, $13,100 with terms 2/10, net 30....
Journalize the following merchandise transactions:
A. Sold merchandise on account, $13,100 with terms 2/10, net 30.
The cost of the merchandise sold was $7,000.
B. Received payment less the discount.
C. Purchased merchandise on account from a supplier for $5,600,
terms 2/10, net 30.
D. Returned $1,150 of the merchandise and received full
credit.
E. Paid for the merchandise within the discount period.
Sales Transactions Journalize the following merchandise transactions: a. Sold merchandise on account, $78,600 with terms 1/10,...
Sales Transactions Journalize the following merchandise
transactions: a. Sold merchandise on account, $78,600 with terms
1/10, n/30. The cost of the merchandise sold was $47,200. If an
amount box does not require an entry, leave it blank. Sale Accounts
Receivable fill in the blank b408b3fa8fce01a_2 78,600 fill in the
blank b408b3fa8fce01a_3 Sales fill in the blank b408b3fa8fce01a_5
fill in the blank b408b3fa8fce01a_6 78,600 Cost Cost of Merchandise
Sold fill in the blank b408b3fa8fce01a_8 47,200 fill in the blank
b408b3fa8fce01a_9 Merchandise...
Based on the information below, journalize the entries for the Seller and the Buyer. Date column is omitted in journal provided. There are extra lines in journal.
Problem 1.
Based on the information below, journalize the entries for the
Seller and the Buyer. Date column is omitted in journal provided.
There are extra lines in journal.(a)Seller sells Buyer on account merchandise costing $245 for $645,
terms 2/10, net 30, FOB destination. The freight of $45 was prepaid
by seller and added to the invoice.(b)Buyer returns as defective $145 worth of the $645 merchandise
received. The seller's cost of inventory is $70.(c)Buyer pays within the discount period.SellerBuyerDRCRDRCR
For the following bond prepare a journal entries for seller and buyer of the bond sod...
For the following bond prepare a journal entries for seller and
buyer of the bond sod on January 1st interest payments (using the
interest method). Prepare the journal entry for the retirement of
the bonds with market rate unchanged at 10% for three different
retirement dates: end of three years, six years, and nine
years.
$1,000,000 ten year bonds, stated 9%, market 10%, interest paid
annually.
For the following bond prepare journal entries for both seller and buyer regarding the sale on...
For the following bond prepare journal entries for both seller
and buyer regarding the sale on January 1st, first three years of
interest payments (using the interest method), and the retirement
of this bond at 97%.
$1,000,000 ten year bonds, stated 9%, market 8%, interest paid
semi-annual.
Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account...
Journalize the following merchandise transactions. Refer to the
Chart of Accounts for exact wording of account titles.
Mar.
1
Sold merchandise on account, $72,500 with terms 2/10, n/30. The
cost of the merchandise sold was $43,500.
9
Received payment less the discount.
13
Issued a credit memo for returned merchandise that was sold for
$2,300 terms n/30. The cost of the merchandise returned was
$1,600.
CHART OF ACCOUNTS
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130...
Journalize the following merchandise transactions. Refer to the Chart of Accounts for exact wording of account...
Journalize the following merchandise transactions. Refer to the
Chart of Accounts for exact wording of account titles.
Mar.
1
Sold merchandise on account, $77,550 with terms 2/10, n/30. The
cost of the merchandise sold was $41,350.
9
Received payment less the discount.
13
Issued a credit memo for returned merchandise that was sold for
$2,700 terms n/30. The cost of the merchandise returned was
$1,890.
CHART OF ACCOUNTS
General Ledger
ASSETS
110
Cash
120
Accounts Receivable
125
Notes Receivable
130...
c. February 7-sold merchandise on account for $800, and the cost of this merchandise sold was...
c. February 7-sold merchandise on account for $800, and the cost
of this merchandise sold was $560.
Account Name
Increase or
Decrease
Amount
Explanation:
d. February 10-returned $500 on
defective merchandise (list price) of the purchases dated February
3.
Account Name
Increase or
Decrease
Amount
Explanation:
e. February 11-paid the amount due of the purchased
realized.
Account Name
Increase or
Decrease
Amount
Explanation:
f. February 12-accepted defective
products returned that were sold by $150 on February 7, and the
cost...
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